Our Did You Know series highlights features, aspects and information about the platform that may have passed you by.
An application has to go through 3 distinct Stages prior to listing and it could be rejected for a number of reasons throughout this period. In the operations team we receive around 40-50 applications and enquiries a month and reject 79% of these. We only allow the strongest applications with appropriate security on to the platform.
We reject 24% of our applications in Stage 1. We filter out any application that does not meet our basic criteria (more on this below) and some applicants choose to withdraw at this stage. In Stage 2 we gather all of the required information for the application including security information and accurate accounts. This is the longest part of the process as applicants often have to engage their accountants to make edits to their management accounts to bring these in line with our minimum standards and expectations. It is important to us that the accounts are presented to the lenders in both an accurate and comprehensible way. We have 36% of all applications rejected or leaving the process at this stage. In Stage 3 all of the gathered information is passed to the underwriting team to ask questions about the accounts, assess the risk of loan and to determine its suitability for listing. 15% of all applications are rejected at this stage which represents 37% of the applications that make it to this stage. The remaining 25% of applications make it to listing, where 2% fail to raise the funds, 2% fail during the completion process and 21% are fully funded and completed.
